“If we knew what it was we were doing, it would not be called research, would it?” – Albert Einstein
The need for Market and Competitive Intelligence has gone beyond statistics today. The true dilemma that every growing company is facing is whether or not they should be outsourcing their research work. While small companies don’t have enough expertise in-house, large companies face time and resource crunch. Outsourcing market research and competitive intelligence has now given new direction to strategic marketing.
Markable Solutions offers a mix of research and intelligence services including market entry, sustenance, expansion, competitor analysis and intelligence, new products (or services) analysis, market audit, trends and predictions, B2B branding, acquisition screening, customer segmentation research, etc. You can use our intelligence and research services to better understand your target market and competitors than ever before.
We perform the following research and intelligence services:
- Develop market entry and sustenance strategies
- Research the market and identify your competitive advantage
- Project market trends
- Product marketing and branding
- Timely research analysis and reporting to management
Top 5 Criteria when outsourcing Market and Competitive Intelligence
Say, you figured out you need a third party market research agency to do your information gathering for you and you are almost ready to hire one. But, there are still a couple of items including risk factors that you should consider while making such a strategic business move.
- Quality of Research – Lacking the skill sets is one of the major reasons why companies outsource research work. But that does not mean you have to compromise on quality. Ensure that the quality of the work does not suffer when you go outside your company to get market research done.
- Deciding what part to execute in-house and what to outsource – This is a tight spot for companies who have in-house market research resources. Outsourcing to a non-credential market research company leaves you in jeopardy of losing your intellectual property and competitive edge. It is therefore very important to decide beforehand, which major research work can be done in-house and what aspects of the project can be outsourced successful without compromising quality and getting the work done.
- Defining the research work – Everything can go wrong when your research project is not defined precisely. Make sure you define problems/requirements, objectives/goals, timeline, etc. properly The more detail you provide the better the outcomes.
- Cost effectiveness – While choosing the right market research partner you should definitely work on a cost benefit analysis in addition to skill set and reference analysis.
- Vendor Communication – This could be a major set-back while outsourcing a research project because every outsourcing country has its unique culture and language barrier. It can effect your day-to-day communication, task delegations and documentation/reporting. Choose a partner who can handle this issue competently.
Our Market and Competitive Research Process
In addition to cost-effectiveness, outsourcing to Markable Solutions gives you the added benefits of advanced research methodology and technology, diversified talent base, faster data procurement, authentic information gathering through reliable sources and superior reporting, perfect for higher management.
Here is our Market and Competitive Intelligence process:
- Defining the research scope–We start the research process by consulting the client and defining the research objectives. This is how we define the work:
- Problem statement
- Description for problem and intended research requirements
- Goals and objectives
- Future research scope
- Developing a research plan–Based on the research definition we create a clear research plan which includes methodology selection, delivery timeline, data collection sources, resource management decision, etc.
- Information gathering and analysis – Using primary and secondary data collection techniques from reliable sources we gather valuable market and competitor information and analyze it thoroughly.
- Reporting – Based on your needs we send your management weekly or monthly intelligence reports via emails.